Switzerland’s fourth-largest bank, Zürcher Kantonalbank (ZKB), has started to offer its clients services for trading and custody of Bitcoin and other cryptocurrencies. With more than $290 billion in assets under management, ZKB caters to retail, corporate, and institutional customers.
BREAKING: 🇨🇭$290 billion Zurich Cantonal Bank introduces #Bitcoin and cryptocurrency services. pic.twitter.com/ILUTSHWn8V
— Bitcoin Magazine (@BitcoinMagazine) September 4, 2024
Clients of ZKB are now able to trade and store Bitcoin and cryptocurrencies using its mobile application, online banking services, and traditional banking methods. The bank has partnered with Crypto Finance AG, a subsidiary of Deutsche Börse, to facilitate brokerage services and has created its own custody solution.
This development highlights Switzerland’s progressive approach toward Bitcoin and positions ZKB as one of the foremost conventional financial institutions to adopt Bitcoin. The Swiss National Bank has also demonstrated a positive outlook toward Bitcoin and cryptocurrency by holding shares in MicroStrategy.
The launch occurs as numerous major financial institutions are incorporating Bitcoin and crypto offerings, driven by a growing acceptance of Bitcoin. In the United States, the successful introduction of Bitcoin ETFs has sped up institutional engagement. ZKB’s initiative could prompt other Swiss and European banks to start offering Bitcoin services.
Globally, banks like Hong Kong’s Futu and Standard Chartered’s Mox have also recently initiated trading in Bitcoin and Bitcoin ETFs. This rising trend indicates that traditional finance is progressively integrating Bitcoin.
